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November 2013 – Market Update from Francis Piché

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Greater Vancouver Housing Market – Current Statistics for November 2013

Here is a quick summary of what happened in the Vancouver real estate market during the month of November. If you would like a complimentary copy of the complete report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at francis@infinite.local.

Bonjour Dear Friends!

“We’ve seen steady and consistent trends the Greater Vancouver housing market for much of this year,” Sandra Wyant, REBGV president said.

Number of Sales: 2,321 or 37.7% increase compared to 1,686 sales recorded in November 2012. November had 12.8% decline in sales compared to the 2,661 sales in October 2013. Last month’s sales were 1.2% below 10-year November average.

Percent of Original List Price Received at Sales: 96.2%, which is 1.2% higher than November 2012 at 95.0%.

Sales-to-Active-Listings Ratio: 16.6%, which is consistent with a balanced market condition vs 10.1% in November 2012. This is the 9th consecutive month over 15%. An upward pressure on price occurs when the sales-to-active-listings ratio is around 20-22% in a particular community for a sustained period of time.

Total Inventory: 13,986, a decline of 10.9% compared to this time last year, and a decline of 8.3% decline compared to October 2013. There were 3,245 homes listed for sale listing in Greater Vancouver last month, an increase of 17.7% compared to November 2012 and 1.5% above the 10-year November average.

Average Days on Market: 62 days vs 61 days in November 2012. If we take a closer look at Downtown, the average days on market was 33 days vs 24 days in October 2013. As you see, the stats vary from market to market and even from neighborhood to neighborhood. Furthermore, a condo tower can reflect different market status vs another tower as each building is a neighborhood in itself. For more information about your neighborhoods-level sales and price statistics, I strongly encourage you to email me for your copy of the the latest SnapStats Report.

Latest Economic News: According to a latest report from CIBC World Markets Inc and RBC’s chief economist, the Canadian economy will be in better shape next year with a real GDP growth rate of approximately 2.6% and 2.7% in 2015 as we anticipate a stronger growth in USA. CIBC is forecasting growth of 8.0 and 5.3 per cent for China and India respectively in 2014.

The Canadian currency matches lows from summer 2010 in the wake of the Bank of Canada’s latest interest rate announcement, which left traders with the impression that rate hikes likely won’t happen any time soon or until 2015.

CIBC’s 2014 forecast for the Canadian dollar sees it bottoming at US$0.91 in the first quarter but strengthening to just five cents weaker than the U.S. dollar by year end as global growth helps improve the country’s trade balance.

In summary, a relatively strong economy in Canada, cheap borrowing costs and good economic factors outside the province should support Vancouver Real Estate market. The momentum that emerged in the latter half of 2013 is expected to spill over into 2014, setting the stage for continued growth and expansion in most residential markets.

NEW & IMPROVED SnapStats Report!

Not only you get the SnapStats report on Vancouver Downtown, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver and Richmond but also NOW starting this month, you will get statistics from GRD including Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows and Maple Ridge. Also, check out the new feature “Sale Price SQFT” Feel free to pass along to your friends and family!

To access the complete SnapStats report (PDF) for the month of November 2013 for your specific neighborhood and area, please give me a call at 778-558-9948 or email me at francis@infinite.local

How to Read The Report? The SnapStats report will give valuable information and the answer the following questions:

– What is the sales ratio of where I live or where I want to live?***
– What is the trend on inventory, price and number of sold properties for the last 13 months?
– Who can help me better determine my market value and help me use SnapsStats to my advantage? FRANCIS!

***Sales Ratio over 21% is considered a Seller Market
***Sales Ratio of below 14% is officially a Buyer market

SALES UPDATE! New Bosa Properties Tower in Surrey City Centre!

Over 1/3 of the building sold in just over 1 week!For the first time, Bosa Properties is coming to Surrey City Centre with their new 35-Storey concrete tower (310 homes) called University District. Live only steps away from the SFU Surrey Campus, Skytrain, Central City Shopping Centre, the new architecturally-acclaimed City Hall and Library, restaurants, medical clinics and more! Right in the blossoming tech-alley district, this tower is located in a major transportation hub and will feature stunning finishings.

Jump on this exclusive opportunity at University District with Bosa Properties. Surrey Centre is a vibrant and rapidly growing city. All this, coupled with the never-been-done-before BosaSPACE™ Program, this is an unbelievable investment. BosaSPACE will drastically change the reality of condominium living by giving more living space than you ever dreamed possible. CALL ME TODAY for your chance to preview these homes and get an early purchase opportunity.